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bigduckontax
bigduckontax, Accountant
Category: Tax
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My wife and I have joint ownership of a property in Spain.

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My wife and I have joint ownership of a property in Spain. Our primary residence is in UK. We have never rented out he Spain property. We also have a joint bank account in Spain which does not pay interest. Do any of these facts need declaring to HMRC as their risk and intelligence service offshore has sent my wife a letter querying the situation ? Zero income, zero capital gains (in fact we actually pay Spanish tax on a nominal imputed rental income).
JA: What are the assets or property for this capital gain?
Customer: no capital gain
JA: Anything else you want the Accountant to know before I connect you?
Customer: no

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

You only need to declare income if it is received which in this case there is none. Furthermore, as the property has not been disposed of, no liability to Capital Gains Tax (CGT) arises. Politely tell the organisation who sent your wife a letter to take a running jump.

bigduckontax and 2 other Tax Specialists are ready to help you

Thank you for your support.

Remember that it is now HMRC policy to badger the small man in the hope that he or she will roll over and pay up, don't. HMRC have given up on the big boys with their armies of accountants and lawyers as they loose most actions the bring.